
<p>JOHANNESBURG (Reuters) &#8211; South Africa’s central bank cut its main lending rate by 50 basis points (bps) to 3.75% on Thursday, in what Governor Lesetja Kganyago said was a move aimed at shielding the economy from the impact of the new coronavirus.</p>



<p>The reduction comes on top of the 225 bps of rate cuts since March. The country has the highest number of coronavirus infections on the continent, with more than 18,000 identified cases.</p>



<p>(Reporting by Mfuneko Toyana and Olivia Kumwenda-Mtambo; Editing by Alexander Winning)</p>



<p>This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN22X1OQ-OZABS">https://af.reuters.com/article/investingNews/idAFKBN22X1OQ-OZABS</a> and is republished with its permission.</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


ArcelorMittal South Africa fined R3.64 million over hydrogen sulfide emissions

South African Reserve Bank cuts lending rate by 50 basis points

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<p>Governor of the South African Reserve Bank Lesetja Kganyago explains why the Monetary Policy Committee decided cut interest rates by 50 basis points, taking the repo rate to 3.75 per cent&#8230;.</p>


Letsetja

COVID-19: MPC cuts rates by 50bps

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<p>Amid the medical crisis that has inundated the healthcare and medical aid sector; many concerns have been raised about patients on chronic medication and Covid-19 hospital admissions. Dr Katlego Mothudi, Managing Director of the Board of Healthcare Funders joins CNBC Africa for more.</p>


How are medical aid schemes responding to Covid-19?

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<p>CNBC Africa held its virtual online discussion &#8211; called Business Tomorrow a look a life after COVID-19 – about the future of higher education in Africa. The panel of education experts spoke about everything from regulation to how in the future students will learn only online in a world where many university campuses don’t even know when they are going to reopen&#8230;.</p>


How COVID-19 is rewriting how your kids will go to university across Africa

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<p>The global airline industry has taken a nosedive amid the complete shutdown of travel during the Covid-19 pandemic. Some countries have begun reopening its economy and have begun to resume domestic flights to allow the movement of people. However the losses made during the shutdown have left many airline companies destitute and joining CNBC Africa to unpack the outlook for the airlines industry is Raphael Kuuchi, The International Air Transport Association’s Special Envoy to Africa, Joachim Vermooten, Aviation Economist and Unathi Sonwabile Henama, Professor at the Tshwane University of Technology&#8230;.</p>


Global aviation industry searches for a way back from the Covid-19 turbulence


<p>South Africa’s Department of Mineral Resources and Energy (DMRE) has issued guidelines for a mandatory Code of Practise to companies in the mining industry on managing the <a href="https://www.cnbcafrica.com/videos/2020/05/19/adeosla-adeduntan-on-covid-19-the-future-of-banking-in-africa/">COVID-19</a> pandemic according to the terms of the Mine Health and Safety Act.</p>



<p>This will assist employers in the mining sector to establish and maintain a COVID-19 prevention, mitigation and management programme, according to a statement by the DMRE.</p>



<p>The following statement provides more details:</p>



<p><strong>DMRE PUBLISHES MANDATORY CODE OF PRACTICE TO FIGHT COVID-19</strong></p>



<p>The Department of Mineral Resources and Energy (DMRE) has published guidelines for a mandatory Code of Practice (COP) for the mitigation and management of COVID-19 in the mining industry. The guidelines are issued in terms of section 49(6) of the Mine Health and Safety Act, 1996, after consultation with the Mine Health and Safety Council inluding a process of public comments to the draft guidelines. The objective of this guideline is to assist employers as far as reasonably practicable to establish and maintain a COVID-19 prevention, mitigation and management programme. This is to ensure that mine employees returning to work and any other persons at mines, are protected from transmission of the Coronavirus at the workplace, and where reasonably practicable, in the community, whilst providing guidance to all stakeholders regarding their roles and responsibilities in the management of the virus.</p>



<p>All mining operations are required to prepare and implement a Code of Practice on the COVID-19 pandemic that complies with any relevant guidelines and instructions issued by government, including:</p>



<ol class="wp-block-list" type="a"><li>Regulations issued in terms of section 27(2) of the Disaster Management Act, 2002</li><li>Directions issued by the Minister of Mineral Resources and Energy in terms of regulation 10(8) of the regulations issued in terms of section 27(2) of the Disaster Management Act No 57 of 2002</li><li>Guiding principles on the management of Covid-19 in the South African Mining Industry (SAMI)</li><li>Guidelines developed by the World Health Organisation (WHO), National Department of Health (NDoH), and the National Department of Employment and Labour (NDEL)</li></ol>



<p>Failure by the employers to prepare and implement the mine&#8217;s COP in line with the guidelines constitutes a criminal offence and a bridge of the MHSA. The gazetted guidelines can be accessed and downloaded on government gazette website, or <a href="http://www.energy.gov.za">www.energy.gov.za</a>  and  <a href="http://www.dmr.gov.za">www.dmr.gov.za</a></p>



<p><strong>Issued by the Department of Mineral Resources and Energy</strong></p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


Clarification on COVID-19 “hotspots” as SA moves to level 3 lockdown

SA’s DMRE publishes COVID-19 guidelines for mining industry

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<p>Global tourism is at a standstill due to COVID-19. The pandemic has grounded aviation, shut the hospitality industry and risks killing thousands of businesses all over the world. Minister Moses Vilakati, Minister of Tourism &#038; Environmental Affairs of Eswatini spoke to CNBC Africa on how Covid-19 has impacted ESwatini and the country’s recovery plan.</p>


How ESwatini’s tourism industry is battling COVID-19 headwinds

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<p>He is one of the toughest tacklers in the world who now tackling the books. World cup winner Tendai – the Beast &#8211; Mtawarira was the key to the Springbok victory over England in Japan late last year. His scrummaging in the final was described by one rugby writer as destructive. Now he has turned from the Boks to hitting the books. He has gone back to the studies, he abandoned when he was a teenage rugby hopeful, in search of an MBA at Henley Business School. What drew him to this decision and what does he plan to do with the qualification. CNBC Africa spoke to him for more.</p>


World rugby champion speaks on the importance of education

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<p>Globally health sectors have been under immense pressure as they are at the forefront of fighting against the spread and treatment of Covid-19. In South Africa the Innovative Pharmaceutical Association of South Africa (IPASA) is committed to ensuring that the supply of medicines for chronic diseases continues during the lock-down and that its 26 research-based pharmaceutical companies continue to aid in the fight against Covid-19. Joining CNBC Africa for more is Dr, Konji Sebati, CEO of the Innovative Pharmaceutical Association of South Africa.</p>


IPASA’s Konji Sebati on the global search for the COVID-19 vaccine

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<p>South Africa’s Solidarity Fund, set up to support the coronavirus response, has raised around R2.7 billion in commitments. The infrastructure behind the fund allows donations to be made over instalments, giving individuals and companies flexibility in funding the fight against the pandemic. For more on the technology behind the Solidarity Fund, CNBC Africa spoke with Derek Cikes, Co-Founder &#038; Commercial Officer at Payflex.</p>


The innovation behind SA’s Solidarity Fund

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<p>SAA has had its wings clipped for several months now and is currently in business rescue after years of losses and mismanagement .The business rescue practitioners have called for the airline to be wound down; the unions reject this. Phakamile Hlubi-Majola, Spokesperson of National Union of Metal Workers of South Africa joins CNBC Africa for more.</p>


Resurrecting SAA: Is it a little too late?

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<p>As the Kingdom of Eswatini moves to gradually reopen its economy from its Covid-19 lockdown, the landlocked country has announced new measures to support businesses hard hit by the pandemic. These include relief of R90m for SMME’s, tax deferments and waiving penalties on late debt. Eswatini’s Minister of Commerce, Industry and Trade, Hon. Manqoba Khumalo joins CNBC Africa for more.</p>


COVID-19: What Eswatini is doing to support its businesses


<p>JOHANNESBURG (Reuters) &#8211; Administrators at state-owned South African Airways (SAA) will not sell assets for an interim period without involving the government, a memorandum signed by one of the administrators and the public enterprises ministry showed.</p>



<p>The memorandum, which was seen by Reuters, also said the administrators and the ministry had agreed that the objective of SAA’s bankruptcy protection process was to have a restructured SAA or a new company with no reliance on public finances.</p>



<p>A public enterprises ministry spokesman confirmed the memorandum was an authentic document.</p>



<p>The administrators were not immediately available for comment.</p>



<p>SAA’s administrators, appointed in December to try to rescue the firm, have said previously that a wind-down or liquidation of the loss-making airline were likely outcomes.</p>



<p>Senior officials at the public enterprises ministry have criticised the administrators for not coming up with a “business rescue plan” for SAA sooner and recently hired an aviation consultancy to advise them.</p>



<p>The “interim period” during which the administrators will not sell assets without consulting the ministry lasts until June 30 at the latest, the memorandum said.</p>



<p>SAA has not made a profit since 2011 and has received bailouts worth more than 20 billion rand ($1.1 billion) over the past three years. It is running low on cash after the coronavirus pandemic forced it to halt all commercial passenger flights and the government told the administrators it would not provide further funding.</p>



<p>($1 = 18.4902 rand)</p>



<p>(Reporting by Alexander Winning; Editing by Chris Reese and Leslie Adler)</p>



<p>This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN22Q0W6-OZABS">https://af.reuters.com/article/investingNews/idAFKBN22Q0W6-OZABS</a> and is republished with its permission.</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


Memorandum shows SAA administrators will not sell assets without involving govt

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<p>Over the weekend U.S President Donald Trump announced a $19 billion program to help the country’s ailing agriculture sector as it deals with the Covid-19 crisis on essential industries. South Africa’s agriculture sector is just as important as it directly contributes to employment, food security and economic stimulation. Joining CNBC Africa for more is South Africa’s agriculture sector is Roux Wildenboer, Head of Agriculture at ABSA corporate and Investment Banking.</p>


How SA’s agricultural sector is responding to COVID-19 shocks


<p>A multi-billion rand loan guarantee scheme announced by South African President Cyril Ramaphosa last month is now officially in operation, with the assistance of the country’s major banks, including FNB, Investec, Standard Bank and Absa.</p>



<p>Ramaphosa announced the scheme as a measure to soften the blow of the <a href="https://www.cnbcafrica.com/videos/2020/05/13/how-african-economies-will-reawaken-from-the-covid-19-nightmare/">coronavirus pandemic </a>and national lockdown on banks as well as their individual and business clients.</p>



<p>The following statement provides more information:</p>



<p><strong>LOAN GUARANTEE SCHEME OPENS</strong></p>



<p>The Covid-19 loan guarantee scheme announced by President Cyril Ramaphosa in April will operate from today, 12 May 2020. The initial set of participating banks (Absa, First National Bank, Investec, Mercantile Bank, Nedbank and Standard Bank) are ready to accept loan applications from eligible businesses which bank with them.</p>



<p>The activation of the loan guarantee scheme follows the finalisation of legal details by National Treasury, the South African Reserve Bank and the Banking Association South Africa.</p>



<p>The loan guarantee scheme is an initiative to provide loans, guaranteed by government, to eligible businesses with an annual turnover of less than R300 million to meet some of their operational expenses. Funds borrowed through this scheme can be used for operational expenses such as salaries, rent and lease agreements, contracts with suppliers, etc.</p>



<p>Government and commercial banks are sharing the risks of these loans. Initially, the National Treasury has provided a guarantee of R100 billion to this scheme, with the option to increase the guarantee to R200 billion if necessary and if the scheme is deemed successful. Eligible businesses should contact their primary or main banker.</p>



<p>More details on the scheme can be found in a Frequently Asked Questions guide posted at <a href="http://www.treasury.gov.za/">http://www.treasury.gov.za/</a>&nbsp; <a href="https://www.resbank.co.za/">https://www.resbank.co.za/</a> Pages/default.aspx and <a href="https://www.banking.org.za/">https://www.banking.org.za/</a>.</p>



<p>Further queries should be directed to the individual banks, which are administering the scheme.</p>



<p>Jointly issued by National Treasury, The South African Reserve Bank and The Banking Association South Africa</p>



<p>Date: 12 May 2020</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


Here’s how to apply for SA’s COVID-19 loan guarantee scheme

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<p>In this episode of The Secret Formula the team travel to Soweto and the Western Cape to investigate how The Coca Cola Company are making a difference in terms of their waste management systems and encouragement of recycling. In these uncertain times of COVID-19 it&#8217;s time to paint a brighter future on that blank canvas in front of us&#8230;.</p>


Coke The Secret Formula 4: How this initiative is empowering S.Africans & keeping the earth clean

Coke The Secret Formula EP4: How this initiative is empowering S.Africans & keeping the earth clean

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<p>CNBC Africa is joined by medical doctor Tshidi Gule who is currently treating Covid-19 patients in isolation hotels in South Africa. She talks about the myths and fears around testing for the virus and her journey being at the forefront of the fight against Covid-19.</p>


Southern Africa

South African Reserve Bank cuts lending rate by 50 basis points

COVID-19: MPC cuts rates by 50bps

How are medical aid schemes responding to Covid-19?

How COVID-19 is rewriting how your kids will go to university across Africa

Global aviation industry searches for a way back from the Covid-19 turbulence

SA’s DMRE publishes COVID-19 guidelines for mining industry

How ESwatini’s tourism industry is battling COVID-19 headwinds

World rugby champion speaks on the importance of education

IPASA’s Konji Sebati on the global search for the COVID-19 vaccine

The innovation behind SA’s Solidarity Fund

Resurrecting SAA: Is it a little too late?

COVID-19: What Eswatini is doing to support its businesses

Memorandum shows SAA administrators will not sell assets without involving govt

How SA’s agricultural sector is responding to COVID-19 shocks

Here’s how to apply for SA’s COVID-19 loan guarantee scheme

Coke The Secret Formula EP4: How this initiative is empowering S.Africans & keeping the earth clean

Debunking COVID-19 testing myths with a medical doctor

News Tips

Advertise With Us

Southern Africa

South African Reserve Bank cuts lending rate by 50 basis points

COVID-19: MPC cuts rates by 50bps

How are medical aid schemes responding to Covid-19?

How COVID-19 is rewriting how your kids will go to university across Africa

Global aviation industry searches for a way back from the Covid-19 turbulence

SA’s DMRE publishes COVID-19 guidelines for mining industry

How ESwatini’s tourism industry is battling COVID-19 headwinds

World rugby champion speaks on the importance of education

IPASA’s Konji Sebati on the global search for the COVID-19 vaccine

The innovation behind SA’s Solidarity Fund

Resurrecting SAA: Is it a little too late?

COVID-19: What Eswatini is doing to support its businesses

Memorandum shows SAA administrators will not sell assets without involving govt

How SA’s agricultural sector is responding to COVID-19 shocks

Here’s how to apply for SA’s COVID-19 loan guarantee scheme

Coke The Secret Formula EP4: How this initiative is empowering S.Africans & keeping the earth clean

Debunking COVID-19 testing myths with a medical doctor

News Tips

Advertise With Us

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